Amsterdam, Netherlands-based Getronics issued a statement, saying that the extension will give the management more time to consider fully all options that are open to the company, including the revised invitation to tender, taking into consideration the interests of the company and its stakeholders.
The news sparked speculation that Axel Ruckert and Klaas Wagenaar, who joined the company’s management board last month following the ousting of the previous incumbents, are preparing to significantly revise the company’s guidance for last year’s financial results, or are involved in takeover talks.
Dell Computer Corp, a long-term Getronics vendor partner, had been named as a potential buyer due to its frequently stated ambition to build up its services operation. However, a Dell spokesperson told ComputerWire this week that the two companies are not in takeover talks.
Getronics is aiming to ease the debt burden it incurred through its purchase of Wang Global for $1.4bn in 1999, by buying back 589m euros ($632m) in bonds in a cash and share swap deal. After an earlier rejection, Getronics sweetened the deal on February 14, offering bondholders 75m euros ($81m) in cash and an 81.5% stake in the company.
The original deadline for the tender was March 6, but this has now been pushed back to March 31. The 60% of convertible bond holders who had already tendered under the new conditions are allowed to withdraw their offers. Getronics would not elaborate on the decision to extend the deadline at the time of going to press, although more details are expected to emerge today (March 4) when the company announces its full-year 2002 financial results.
Source: Computerwire
